Preparing accounts for LLPs can be perceived as being tricky to some practitioners, owing to the newness of their 10-year existence.
However, being aware of potential trip-ups as well as the LLP Statement of Recommended Practice (SORP) should make them just as understandable as regular clients.
CCH has outlined the five most common pitfalls when preparing accounts for LLPs...
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- The members’ interest note
- Debt vs equity distinction for members’ interests
- Transfer of a business into an LLP
- A members’ report is required in place of a directors’ report
- Group structures with an LLP